CICC Gold (600489): High-quality copper and molybdenum asset injection performance will increase significantly

CICC Gold (600489): High-quality copper and molybdenum asset injection performance will increase significantly

Guide to this report: The company plans to purchase and purchase 90% equity of Inner Mongolia Mining. After completion, the net profit attributable to the mother will increase significantly.

The United States may enter the rate cut cycle, and the rise in gold prices will bring performance flexibility to the company.

Investment Highlights: The first increase in holdings.

Comprehensive PB and FCFF estimation methods, 南京夜网 taking into account that the parent company China Gold Group promises to continue to inject gold assets, and the performance of the Inner Mongolia mining industry will significantly increase after the injection, and the financial costs will decrease after the debt-to-equity swap is completed.

71 yuan, predicting the company’s net profit for 2019-2021 3.



250,000 yuan, corresponding to EPS 0.



12 yuan; considering Inner Mongolia’s mining consolidation, the pro forma net profit is 10.



4.7 billion (reference performance commitment caliber).

Pre-acquisition results correspond to PE 107 for 2019-2021.



5 times the estimate, corresponding to 19% of space, increase the level of holdings.

The rate cut cycle is approaching, and gold prices are expected to bloom.

Assuming a substantial recession in the US economy, the price of gold at the beginning of the interest rate cut cycle will perform better.

Looking ahead to the interest rate cut cycle that may occur in the second half of 2019 and beyond, we believe that this round of interest rate cuts will begin when the U.S. economy peaks and declines, deteriorating substantially, and recent data have been shown, so the basis for judging the price of gold has strengthened.

According to the company’s mining gold output 23.

Calculated at 51 tons, every 10 yuan / g gold price increases, the company’s performance increases by 1.

1.9 billion US dollars (different interests of minority shareholders in the main mine), benefiting from rising gold prices.

The additional issue of the acquisition of Inner Mongolia Mining, asset injection is still expected in the future.

The company intends to provide China Gold Group with 6.

68 yuan / share purchased 90% equity of Inner Mongolia Mining by shares plus cash for 37.

970,000 yuan, the performance commitment for 2019 is about 7.

500 million.

At the same time, the company implemented debt-to-equity swaps and raised 2 billion matching funds, which significantly reduced financial expenses.

The company holds 496 tons of gold / copper metal / 37 seconds, and produces 23 gold / copper per year.

51 tons / 1.

8 Initially, the company’s annual output of copper will increase by 6.

9 initial.

As for the parent company, Gold Group currently holds approximately 1,908 tons of gold metal and 1,022 tons of copper metal, and promises to continue to inject high-quality resources into CICC Gold.

Catalysts: Fixed-income acquisitions completed, rising gold prices Core risks: less-than-expected progress in resource extension; copper prices fell; fixed-growth was below expectations


Seven years 1000 times earnings 80 after the hot money for the new one how to trade?

Seven years 1000 times earnings 80 after the hot money for the new one how to trade?

Original title:[Depth]1000-year earnings in 7 years, how did the new generation of hot money masters operate?

  Reporter | Edited by Liu Lizhen | Although Song Zheng is not ten thousand times as old as Zhao’s eight years, the record of the new generation of hot money writers is also beyond the reach of most investors.

  Data show that Xinyi, the post-80s generation, started a career in professional stock trading with 10 million as the starting capital in 2012, and it took only seven years to successfully accumulate hundreds of millions.

According to the opening information, its main seat is currently Guotai Junan Securities Nanjing Taiping South Road.

  How exactly is the new player?

  Competition for the opening of new shares like many hot money people, Zuo Shou Xinyi is also very keen to participate in the opening of new shares of the hype.

Guotai Junan Securities ‘Nanjing Taiping South Road has been spotted on the list of many new stocks that have recently opened. Typical examples include Zhuo Shengwei (300782).


  Zhuo Shengwei is a chip design company with top technical strength and strong market competitiveness in the field of RF devices and wireless connection. Its RF front-end chips are widely used in Samsung, Xiaomi, Huawei, Lenovo, Meizu, TCL and other terminals.Manufacturer’s product.

  On June 18, Zhuo Shengwei officially landed on A shares, and harvested 10 Chinese characters after the first day.

On July 3, Zhuo Shengwei opened the continuous word board but still closed with daily limit.

The data released on the Dragon and Tiger Rankings on the same day showed that Guotai Junan Securities bought the shares at 1410 on Nanjing Taiping South Road.

590,000 yuan, while selling 3974.

490,000 yuan.

This shows that in the word board stage, the new player has already been involved in Zhuo Shengwei.

  Mr. Huang, an investor who focuses on short-term transactions, pointed out that the continuous listing of new stocks at the beginning of listing has become a “routine” in the stock market. If they can intervene in the word board stage, it often means to investorsWith relatively deterministic profit opportunities, many hot money will also be very keen to line up.

  However, because of the expected relative certainty of profit opportunities, it is not easy to get this piece of cake.

The above analysts pointed out that in order to successfully rank the board, it is very important to have a channel advantage, and only this can achieve the expected way for investors to “profit out.”

  A source familiar with the securities firm told the interface journalist that, in general, before the start of the auction, the investor’s declaration request will be collected by the securities firm to which it belongs, and it will be stored on its behalf, and it will be concentrated to the exchange at 9:15 every dayDeclaration, the time when the declaration arrives in the exchange system determines the order of its listing.

Most ordinary investors are ordinary channels for shared brokers, which can be very congested when they are centralized, and it is difficult to rank high.

At the same time, brokerage firms will provide exclusive channels to some VIP customers. Their transmission speed will change relatively and the probability of transactions will be greatly increased.

  In addition to the VIP channel of application type, in addition to paying a certain channel fee, securities companies generally also have a relatively high amount of funds, which ranges from tens of millions to hundreds of millions.

In addition, this type of business itself cannot be done by every sales department, and applications have rarely been opened in recent years.

  This also means that the actual proportion of A-share investors with channel advantages is extremely small. Of course, as an active hot money with a net worth of over 100 million yuan, it is very likely that a newcomer has such a channel advantage.

  Similar is also the starfish shares (603115.

(SH) According to the Dragon and Tiger Rankings disclosed on August 19, Guotai Junan Nanjing Taiping South Road starts at 901.

The purchase amount of 760,000 ranks second in the stock’s Dragon Tiger Ranking on the 3rd. At this time, Haixing has not yet opened the word board.

The next day, Starfish shares rose 2.

At 04%, Guotai Junan Securities sold 1,029 on Nanjing Taiping South Road.

540,000 yuan.

  It is not only the investment opportunities of the IPO board stage that are valued by the newcomers.

At the same time as the sale of the lock-in on July 3, Guotai Junan Nanjing Taiping South Road also bought Zhuoshengwei 1410.

590,000 yuan.

The next day, Zhuo Shengwei continued to rise and stop, and the new one continued to increase positions, buying 5485.

120,000 yuan, sold 783.

07 thousand yuan.

  On July 5th, Zhuo Shengwei had a daily limit, and then ended the continuous board on July 8th, closing up 5 points.

57%, Guotai Junan Nanjing Taiping South Road sold 3296.810,000 yuan.

Generally speaking, the new player Zuo Yi has made a lot of profit in this wave of market before and after Zhuo Shengwei opened the board.

  After the profit exit, on August 22, Guotai Junan Securities Nanjing Taiping South Road also once again reached 1105.

The purchase amount of RMB 970,000 appeared on the starfish list.

  Lao Wang, who specializes in sub-IPO investment, said that although most hot money likes to sub-IPO, their respective investment styles are different. Some are similar to the habit of rushing in when new shares open, and some preferThe second wave of leading new shares and so on.

  The interface news combing found that the most commonly used operation method for the newcomer when intervening in the new stock is to actively participate in it a few days before and after the board opens.

  In addition to Zhuo Shengwei and Haixing shares, the newcomer who appeared on the stock list several days before and after the listing of the new shares was listed on the top of the stock list is Yiyuan Communication (603236).

SH), Lacala (300773.

SZ), Triangle Defense (300775.

SZ) and so on.

  In addition, for the adjusted high-quality new stocks, the newcomer will also operate a wave a few days before and after the board is opened, and wait for its adjustment and re-intervention.

  Take Zhuo Shengwei as an example.

On July 15, the stock adjusted its daily limit again after 5 trading days adjustment. Guotai Junan Nanjing Taiping South Road appeared on the list again with a purchase amount of 4476.

39 thousand yuan.

The next day, Zhuo Shengwei had two consecutive boards, and the new one chose to make the difference and bought 2177.

690,000 yuan sold in 2006.

770,000 yuan.

On July 17, Zhuosheng Micro closed down 2.

65%, Guotai Junan Nanjing Taiping South Road sold 3,525.

880,000 yuan locked in earnings, while continuing to buy 1216.

560,000 yuan.

  Although it did not appear in Zhuo Shengwei’s rankings in the future, according to its previous operating habits and Zhuo Shengwei’s development trend during the same period, the new round of the player’s new round of operations has also successfully withdrawn.

  Repeatedly participating in the hype of strong stocks. The hype of popular concept stocks in the A-share market is also a major feature. Among them, the leading stocks often have multiple consecutive daily limit stops. Under the circumstances of skyrocketing in the short term, most of the hot money in the market is unwilling to miss this.The new opportunity is no exception.

  Specifically, in terms of participating in the speculation of strong stocks, the new player often inserts when the stock has been at a high level, a typical Mingpu optical magnetic (002902.

  Benefiting from the 5G concept, Mingpu Optomagnetic, which has become an important supplier of communication equipment manufacturers such as Samsung, Huawei, ZTE, and Fiberhome, has a strong six-connected board from May 29 to June 5.

  On June 4, Guotai Junan’s Nanjing Taiping South Road, a new and frequently used seat, appeared on the Puguang Magnetic Dragon Rankings to 2225.

The 470,000 main seal has become one of the biggest contributors to the company’s five consecutive boards.

  Some analysts have pointed out that there are popular 5G concepts nearby, and the daily limit of 4 consecutive trading days has been reached. The leader of the Mingpu Optomagnetic 5G concept has already been generally recognized by market funds. At this time, it is easy to continue to connect at a high level.Attract follow-up funds to continue to buy, and after the next day, there is a high probability that it will continue to rise, which provides the possibility for the successful withdrawal of hot money that is a new first-class high-level intervention.

  The newcomer of the hand also made it clear that he should do it around the main line, study more leading, research the daily limit, constantly sum up, reflect on waiting for the arrival of advanced, make the daily limit more efficient.

  The data released on the 3rd Dragon Tiger Rankings the next day showed that Guotai Junan bought Mingpu Optical Magnetic 2688 from Nanjing Taiping South Road.

120,000 yuan sold 1010 at the same time.

770,000 yuan, Mingpu Optical Magnetic continued to rise and stop.

On June 6th, Mingpu Optics Magnetic Limit, Guotai Junan Nanjing Taiping South Road sold 1871.

39 thousand yuan.
  As a newcomer, stop here.

On June 11th, Mingpu Optical Magnetic Flux went up and stopped again. Subsequently, Guotai Junan Nanjing Taiping South Road appeared again on Mingpu Optical Magnetic Fly’s Dragon Tiger Ranking on June 12, with a purchase amount of 1471.

330,000 yuan, the stock rose 3 that day.


On June 13, Mingpu Optomagnetic closed up 2.71%, Guotai Junan Nanjing Taiping South Road sold 1397.

370,000 yuan.

  Short-term investor Mr. Huang pointed out that the previous six-connected board illustrates Mingpu’s market popularity.

After the board adjustment, many previous profit-making orders will choose to exit with profit, and the cost of newly involved capital holdings is generally high, which gradually provides the possibility of continued inheritance.

Especially after its another daily limit, the high probability will attract market funds to follow suit, helping the stock continue to rise the next day, and even out of a new wave of rising prices.

  Mingpu Opto-Magnetic is not an isolated example. Popular players who also choose to insert at the high position also include Hisano (300516).

SZ), Fengle Seed Industry (000713.

SZ), Jiuding New Materials (002201.

SZ) and so on.
  The new quotation of the writer who has been circulating on the Internet once said, “The logic of the evil stocks actually doesn’t say much, that is, people’s minds rise and find the logic. The only way to make money effects is to rely on the oversold magic stocks.Open up.

“This may be why he dared to chase high.

  However, the new pair has sufficient awareness of market risks. It has said that it rarely exceeds 1/10 positions when the market is not good, and it also shows its cautious side.

  When participating in the popular stock speculation, another feature of the new one is that it likes to repeatedly insert, typically like Chunxing Seiko (002547).

  Chunxing Precision Technology Co., Ltd. is stocking 5G RF devices in 2016. It is in the leading position in 5G product pre-research and storage. Filter RF devices have entered the Huawei supply chain system.

  On April 15, the 5G sector changed, Chunxing Seiko’s strong daily limit, Guotai Junan Nanjing Taiping South Road bought the stock 1814.

130,000 yuan and sold 1890 the next day.

86 million yuan, Chunxing Seiko successfully two consecutive boards.

  On April 18, Guotai Junan Nanjing Taiping South Road reappeared in the Chunxing Seiko Leaderboard with a purchase amount of 3,524.

70,000 yuan.
The next day, Chunxing Seiko succeeded in five consecutive sales, and the sales department mentioned above sold 3892.

09 million yuan.

  On April 24, Chunxing Seiko went up and 武汉夜生活 down again after adjusting for a trading day in Congress. On the next day, Guotai Junan Nanjing Taiping South Road reached 7199.

The purchase amount of 620,000 yuan ranks fourth in the stock list.

However, the stock has been trading down for two consecutive trading days.

  The new player did not stop there. On April 29, he chose to make a difference and sold 3377.

750,000 yuan bought 2224 at the same time.

460,000 yuan.

Chunxing Seiko continued to decline in the following two trading days.

  On May 7, Chunxing Seiko rebounded to the bottom, with a strong daily limit, Guotai Junan Nanjing Taiping South Road sold 3507.

140,000 yuan.

On May 9, Guotai Junan Securities bought Chunxing Seiko 2434 again.

950,000 yuan, the stock successfully stopped the next day, the above-mentioned sales department sold 2510.

22深圳桑拿网0,000 yuan to withdraw.

  Can be polished, in this wave of Chunxing Seiko’s growth-once-rebound market, the new player chooses a different location and inserts it multiple times.

This aspect reflects that the new player can withdraw from the lock-in in time after making a profit, and will also be brave to intervene again when it is deemed appropriate.

  Although there has been a low absorption after a stock has decreased, the newcomer has clearly stated that it is good at trading and instincts to do daily limit. Low absorption is a strategy born of the market, and it is also an absolute hot stock to follow the market rhythm.

  As a typical representative of the new generation of small hot money, the funds are snowballing.

  Judging from the data exposed online, in May 2012, the newcomer started with 10 million funds. At the end of the same year, it already had 24 million, and the yield in seven months was as high as 140%.

Then it caught up with the 2013 GEM bull market. This year, it achieved a strong return of 416%. At the end of the year, the amount of funds reached 100 million. By the end of 2014, its stock fund account had doubled again.  From the end of February to June 4, 2015, the new player fully grasped the sprint stage of the bull market. During the period, the amount of funds doubled 7 times to 14 million. Although the operation has also made mistakes in the subsequent occurrence,However, by the end of November 2016, the amount of funds had approached 30 million and doubled again to 60 million in June 2017.

From the statistics of the leaderboards since 2019, it is conservatively estimated that the amount of funds for the new one has successfully exceeded 100 million.

  Interface news counts the monthly turnover of Guotai Junan Securities Nanjing Taiping South Road since 2014: Source of data: choice After the amount of funds has rapidly increased, the style of the new one ‘s operation has begun to change.The most outstanding performance is that the amount of funds invested in a single stock is getting larger and larger, and the corresponding stock selection is more favored by large-cap stocks with higher certainty and better liquidity.

The newcomer of the hand also said that the big money to buy stocks is more about timing and more certainty.

  The interface news counts the changes in the number of monthly shots and the maximum amount of a single ticket in Nanjing Taiping South Road of Guotai Junan Securities in the past year. Data source: Before June this year, the total amount of shots and the maximum amount of a single ticket in Nanjing Taiping South Road of Guotai Junan Securities were generally certain.Positive correlation.

In the past three months, the number of shots has been significantly compared with the previous short-term, but in August and September, the maximum amount of single tickets shot by the sales department was as high as 184.72 million and 15158 respectively.

480,000 yuan.

  Typical such as Chinese software (600536.


Since the beginning of this year, benefiting from the continuous fermentation of the concept of domestic software, the company has had strong daily limits many times, showing the market capital’s recognition of the leader of the stock.

  On August 30, Nanjing Taiping South Road, Guotai Junan Securities, ranked second in the ranking of China Software on the 3rd with a purchase amount of 182.72 million yuan, and the stock grew 7.


On the next day, the daily limit of China’s software continued to increase. In the next few trading days, it continued to explore. According to the new trading habits of the players, it was possible to exit with a high probability of profit.

  Mr. Huang pointed out that after the amount of hot money is large, they will choose to make some large liquidity tickets, mainly due to the relatively limited amount of funds that can be accommodated by small and medium-sized stocks. If you only love this, it means that you are a new player orBeing in a low position for a long period of time will affect its overall return level; or it will need to operate multiple stocks at the same time, which will also increase the difficulty of operation to a certain extent.

Therefore, good liquidity, especially large-cap stocks with hot concepts are often the best export of large funds in hot money.

  Obviously, there is no doubt that the competition is new, and the high-level board is still close to the large-cap stocks. The strength of the new player has proved that its trading model is very efficient. Because it is often active in major forums, the new player also left.Many classic stock experience are worth investors’ investment.

  Of course, similar to some other hot money bosses who have encountered some other problems, it is unknown whether the newcomer will violate the legal boundary and how far he can go in the short-term hype.


China Microelectronics (600360) in-depth report: Juli invests in high-end devices and takes the road of semiconductor localization

China Microelectronics (600360) in-depth report: Juli invests in high-end devices and takes the road of semiconductor localization

Key investment points: 1. The global power semiconductor market size was 36.3 billion U.S. dollars in 2018, an annual growth rate of 11%, and the growth rate has been replaced. It has become an overcapacity in the semiconductor industry in the second half of 2018, while demand has decreased, and the prices of some semiconductor devices 杭州夜网 have fallen.

However, China’s market demand is still strong. In 2018, the size of China’s power semiconductor market was about 111.4 billion U.S. dollars, an annual increase of 19%, and it is expected that two digital growth will continue in 2019.

  2. The domestic power semiconductor market is mainly monopolized by international manufacturers, and the import rate in the high-end device field has reached more than 80%. Due to the rising technical barriers in the power semiconductor industry, it is difficult for local companies to compete with international manufacturers in the short term.At present, companies have considerable market share in the fields of diodes, low-voltage MOSFETs, etc., and many companies are actively investing in research and development of high-end devices, and the domestic power semiconductor market is gradually achieving replacement.

3. As the leader of the domestic power semiconductor industry, Huawei Electronics has always had a stable market share. The company’s MOSFET series and fast recovery diodes have strong competitiveness in China. At present, the company’s production capacity has been converted, and some 4-inch production lines have been converted. 5Inch and 6-inch production lines to produce high-end power devices, the company currently has an annual output of 80,000 chips / month for 4-inch chips, 130,000 chips / month for 5-inch chips, and 6-inch chips.

Chip production capacity of 50,000 pieces / month.

  4. China Microelectronics Investment in 2019 11.

The construction of a new power electronic device base of US $ 3.2 billion. The new project is mainly to build a 6-inch production line and an 8-inch production line. It mainly produces IGBT, low-voltage TRENCH-MOS, super junction MOS, and IC chips supporting the company’s mainstream products.Bring 9.

18 ppm / year income, and 1.

$ 900 million / year after-tax return, project rate of return.

  5. Due to the shrinking competition in the semiconductor market, the market downturn of Huawei Electronics in the second half of 2018 and early 2019 may continue into the second half of 2019.

The company’s operating income is expected to be 17 in 2019-2021.

800 million, 18.

700 million, 20.

200 million, annual growth of 4%, 5%, 8%, net profit is 1.

00 ppm, 1.

1.5 billion, 1.

5.4 billion, an annual increase of 2.

27%, 14.

02%, 34.

34%, EPS are 0.

105 yuan, 0.

119 yuan, 0.

160 yuan.

The company’s PE in 2019 is expected to be 65 times, corresponding to the target of 6.

825 yuan, corresponding to the target market value of 65.

79 trillion, given a “hold” rating.

  Risks revealed: The global semiconductor industry has decreased, and the profit of low-end power devices has declined.

The fund-raising projects of the company are expanding and contracting, the project implementation is complicated, and there is a risk of delay.

The company’s short-term budget expenditures and performance have declined, and its short-term debt repayment ability has weakened.


Tianwei Food (603317): Expansion of channels outside the province accelerates the company’s revenue expected to continue high growth

Tianwei Food (603317): Expansion of channels 北京桑拿洗浴保健 outside the province accelerates the company’s revenue expected to continue high growth

The growth rate of the company’s revenue is mainly due to the company’s revenue in the first three quarters of 2019 due to some single product capacity restrictions10.

78 ppm, an increase of 24 in ten years.

29%; single third quarter revenue4.

48 ppm, an increase of 14 in ten years.


The expected growth rate of the company’s revenue in Q3 2019 exceeds market expectations, which is mainly due to the limitation of some single product capacity.

From August to November, the company prepares for the peak season for the channel. The company’s capacity utilization rate is 100% +, and the delivery of some single products is not timely, which drags down the revenue growth rate.

2019Q3 company received funds in advance1.

0.8 billion yuan, an increase of 0 from the Q2 of 2019.

2.2 billion.

In terms of categories, the revenue of hot pot bottoms in the single third quarter of 2019 increased by 7 per year.

78%; Sichuan cuisine seasoning income increases by 26 every year.


At present, the company’s dealer inventory level is low.

The company’s first three quarters of 2019 net profit1.

950,000 yuan, an increase of 19 in ten years.

55%; net profit in the third and third quarters increases by 2 each year.


The net profit growth rate of the company in Q3 2019 was lower than the income growth rate, with a net profit margin of 20.

72%, down from the third quarter of 20182.

50pct, mainly due to the decline in gross profit margin and increase in sales expense ratio.

The company’s gross profit margin in Q3 2019 was 35.

53%, down from the third quarter of 20184.

31 points, mainly due to rising raw material costs and changes in product structure-(1) the purchase price of raw materials such as pepper increased significantly; (2) Sichuan cuisine seasoning (gross margin 36).

63%) revenue growth is significantly faster than hot pot bottoms (gross margin 48).


The sales expense ratio of the company in Q3 2019 increased by 3 compared with Q3 2018.

62pct, mainly due to channel expansion and increased staff budget.

Benefiting from the high prosperity of the industry and channel expansion, the company’s revenue is expected to continue to grow rapidly. We expect the company’s revenue to maintain a compound growth of about 25% in the next 3 years.

(1) The prosperity of the hot pot seasoning and Sichuan cuisine seasoning industry is relatively high. According to Frost & Sullivan, the industry income will maintain a 15% compound growth in the next 3 years.

There is no strong leader in the industry, and the company is expected to fully benefit from the high growth of the industry.

(2) Since 2019, the company has accelerated its expansion outside the province.

The company’s operating data for the third quarter disclosed 1,054 dealers in Q3 2019, an increase of 245 over the end of 2018, an increase of 30.


Among them, the number of dealers in East China and Central China 北京桑拿体验网 increased the most, increasing by 98 and 53.

We expect the company’s compound revenue growth rate to catch up with the industry’s growth rate in the next three years.

Earnings forecast We expect the company’s revenue to increase by 30 from 2019-2021.

1% / 26.5% / 25.

0%; net profit increased by 17.

2% / 29.

6% / 27.

3%; EPS are 0.



39 yuan / share, the current expected corresponding PE is estimated to be 60/46/36 times respectively.

With reference to the company’s historical estimates, its PE estimation hub in 2019 is 45-65 times. We give the company a PE estimate of 54 times in 2020, corresponding to a reasonable value of 59 yuan per share, and maintain a buy rating.

Risk warning: The industry’s prosperity is below expectations, and the company’s channel expansion is below expectations.


Guangxun Technology (002281) 2019 Interim Report Review: Performance Maintains Steady Growth, 5G Mainstream Products Complete Verification

Guangxun Technology (002281) 2019 Interim Report Review: Performance Maintains Steady Growth, 5G Mainstream Products Complete Verification

The first half of 2019 maintained steady growth, and the performance was in line with market expectations.

79 ppm, an increase of ten years.

80%, net profit attributable to mothers1.

44 ppm, a 10-year increase3.

42%, net of non-attributed net profit1.

32 ppm, an increase of 41 in ten years.

24% (37.11 million more government subsidies in the same period last year).

The company’s profit maintained steady growth, basically in line with market expectations.

Telecommunications and datacom services are steadily advancing. The verification of 5G mainstream products is completed in the 成都桑拿网 first half of the year. The company completed the verification and scale sales of 5G mainstream products at key customers, and completed the promotion and trial of 5G fronthaul solutions in multiple provinces.The optical module achieves full model coverage; the goal is to make progress in 25G laser chips for 5G and datacom applications, and 400G optical modules to complete prototype development.

The transmission business maintained rapid growth. The company’s overall gross profit margin increased steadily in the first half of the year. The transmission business, which accounted for over 60% of its revenue, still maintained rapid growth, achieving revenue of 16%.

41 ppm, an increase of 12 in ten years.

03%, gross margin increased by 1.

31 points to 24.

39%; revenue from joining and transmitting business8.

1.9 billion, down 12 a year.

02%, but gross margin increased by 2.

59 points to 8.


The management expense ratio and sales expense ratio increased slightly. The net interest rate was basically stable. The company’s sales expense ratio and management expense ratio were 2 respectively.

84% and 9.

52%, rising by 0 every year.

52pct and 0.

27pct, the company’s net interest rate is basically the same as the same period last year, but from the perspective of the past three years, it is slightly inclined.

Affected by the net interest rate and the slightly increased asset turnover rate, the company expects that the ROE will also show some downward fluctuations, reaching 3 in the first half of 2019.


Investment suggestion: optimistic about the company’s strategic layout in the 5G market and maintaining an “overweight” ratingIs 14.

3% / 17.

6% / 19.

4%, net profit attributable to parent company is 3 respectively.



61 ppm, a ten-year growth rate of 14.

7% / 36.

1% / 27.

3%, the current sustainable corresponding dynamic PE is 47/34/27 times, maintaining the “overweight” level.

Risk warning: Sino-U.S. Trade relations deteriorate, risk of imposing embargo on upstream optical chips or imposing tariffs on the company’s exports; 5G construction progress is less than expected; optical chip R & D and production are less than expected


Tonghua Dongbao (600867) Quarterly Review: Achieving Rapid Growth, Ganjing Is Expected to Open a New Era of Development

Tonghua Dongbao (600867) Quarterly Review: Achieving Rapid Growth, Ganjing Is Expected to Open a New Era of Development
Net profit in the first three quarters was at least basically flat, and cash flow improved significantly.57 ppm, a ten-year increase2.41%, net profit attributable to mothers6.880,000 yuan, an increase of 0 in ten years.08%, net profit after deduction 688 ppm, a 10-year increase3.40%.The third quarter revenue was 6.23 ppm, an increase of 14 in ten years.14%, achieving net profit attributable to mother 1.5.6 billion, an annual increase of 3.36%.Net cash flow from operating activities in the first three quarters was 9.470,000 yuan, an increase of 32 in ten years.48%.Accounts receivable and bills receivable decreased by 0 compared with the first half.8.7 billion to 5.99 ppm, indicating continuous optimization of channel inventory.  Core preparations achieved rapid growth, and sales were arranged ahead of the first three quarters of the company’s operating income.In terms of business, at the rate of US $ 5.1 billion, insulin: preparation revenue is expected to achieve two-digit growth, and exports of overseas APIs are expected to double, and it is expected that inventory will be optimized to a good level in the second half of the year.In terms of equipment: needle needle income is expected to increase and increase; test paper and pen income are expected to increase.The revenue of the Chinese medicine sector has declined, and the real estate 武汉夜生活 subsidiary is expected to increase its revenue.  The gross profit margin for the first three quarters was 74.75%, increase by 2 every year.81pp, with a net profit of 33.35%, a decline of 0 every year.81pp.In terms of period expenses, the first three quarters of management expenses, research and development expenses, and financial expenses were 1.1.7 billion, 5580.0 million, 1305.03 thousand, +0 compared with the same period last year.4%, -23.4%, +127.0%.  Selling expenses in the third quarter 2.1.6 billion, previously + 69%, 5 in the first three quarters.57 trillion, +20 for ten years.67% (+2 in the first half).15%), which is expected to preheat for the listing of Ganjing, increasing spending on channel development, academic promotion, and employee training.  Immediate approval of insulin glargine. The research and development pipeline continues to advance the company’s focus on the research and development and production of diabetes drugs. The product echelon is becoming increasingly rich, forming a strong support for the company’s future development.The heavy-weight insulin glargine has completed the on-site inspection and on-site sampling. The samples taken are currently in the final stage of CDE review. We expect to be approved in November.For other varieties, according to the company’s semi-annual report, insulin aspart has been reported to be produced and replaced; insulin aspart 30 injection, insulin aspart 50 injection, liraglutide are at different stages of phase III clinical research; reorganization depends onInsulin probiotics were approved clinically, and sitagliptin metformin tablets (II) medicine registration application was replaced.  We are optimistic about the company’s long-term development and maintain a “buy rating”. It is expected that the EPS for 2019-2021 will be 0.48, 0.60, 0.75 yuan, corresponding PE is 38, 31, 25 times, we are optimistic about the gradual progress of the diabetes track and company card slots and Ganjing, R & D route continues to advance gradually to meet the product harvest period, and maintain a buy rating.  Risk reminder: The progress of insulin glargine on the market and subsequent sales exceed expectations, the second-generation incremental growth rate is higher than expected, and the progress of R & D and product review is gradually expected


Great Wall Motor (601633) 2019 Third Quarterly Report Review: 3Q19 Earnings Restored Beyond Expectations

Great Wall Motor (601633) 2019 Third Quarterly Report Review: 3Q19 Earnings Restored Beyond Expectations
Matters: The company released three quarterly reports, with revenue of 6.26 million yuan in the first three quarters of -6 each time.1%, net profit attributable 杭州桑拿网 to mothers was 29 million US dollars, double -26%. Comment: The company’s sales and revenue in 3Q19 improved month-on-month.The company’s 3Q19 single-season passenger car + pickup sales of 230,000 units were + 13% each time, + 13% month-on-month, corresponding to revenue of 21.2 billion, compared with + 21% in the past and + 16% month-on-month. The quarterly earnings performance exceeded market expectations.The company’s single-quarter net profit was 1.4 billion in 3Q19, exceeding + 507% and + 85% month-on-month, exceeding market expectations.The extremely high growth rate in the past is mainly due to the extremely low base in the same period last year (2.300 million), exceeding the expected core to see the chain change (net profit chain + 800 million). The key to exceeding expectations lies in discounts and refunds, which will boost bicycle pricing and profitability.In the third quarter of 19th, the company’s profit growth was +800 million qoq, of which the profit increase brought by the sales qoq was 400 million, and the profit increase brought by the price boost (bike price-bike cost) was 1.1 billion.In the second quarter of 19th, the industry experienced five major promotions in the country. In the third quarter of 19th, the industry generally reset the discounts, and the discounts were slowly released only in nine months.On this basis, Great Wall has continued its cautious business policies this year.Judging from the average price of bicycles, the Great Wall started at 8 in 2Q19.70,000 yuan increased by 0.50,000 yuan to 9.20,000 yuan (excluding the cost of parts and components), excluding the impact of changes in the structure of the model (not obvious in 3Q19), we can see that the price boost on profits is 1.1 billion US dollars (bike costs 2Q19 and 3Q19 are both 7).50,000 yuan), reflected in the profit indicator is the gross profit margin increased by 4.9PP to 18.5%.Even considering the negative contribution of 500 million profits brought by the increase in selling expenses, the total price + selling expenses factors also brought a positive impact of 600 million to the company. In addition, other expenses, non-operating income and expenditures have little effect on the 3Q19 net profit changes, the positive contribution of 3Q19 investment income (+400 million) and asset disposal income disappeared, and other business costs rose (affecting -3 respectively).300 million, -1.700 million).In the end, the company’s 3Q19 net profit was 6.5%, an increase of 5 per year.3PP, an increase of 2 from the previous month.6PP. Constantly adjust and wait for the industry boom to return.In the last round of downturn, the company has made multi-faceted adjustments to key strategies, marketing systems, business policies, and organizational structure to comprehensively improve its operating capabilities.From the fourth quarter of 1919 to 2020, the company merged and listed the first passenger pickup gun, VV7 GT, Euler R2, and two new SUVs.It is expected that when the industry boom returns, the company’s sales volume and profitability will reach a new level. Investment suggestion: Considering that the company’s gross profit margin improved better than expected, we increased the company’s net profit attributable to mothers from 4.1 billion to 5 billion to 4.3 billion and 5.5 billion in 19-20, with growth rates of -18% and 29%, corresponding to the current A sharesPE 13, 13 times, PB 1.3, 1.2 times, H shares PE 11, 8 times, PB 0.8, 0.7 times.In the past 苏州夜网论坛 three years, the company’s A-share PE hub was 15 times and the PB hub was 2.0 times, considering that the industry’s business climate is expected to be repaired and the company’s own operating improvement, the company’s A-share target PE for 2020 is 16 times, and the target price is set from 9.0 yuan increased to 9.6 yuan, corresponding to 19-20 years of PE 21, 16 times, PB 1.5, 1.4 times, raised to “strong push” level. Risk warning: The macro economy is lower than expected, the industry sales are lower than expected, and Changfu new car sales are lower than expected.


Wanda Movies (002739): The non-ticket growth of newly-built movie theaters is weak and the operating efficiency is still significantly higher than the national turning point of the waiting industry

Wanda Movies (002739): The non-ticket growth of newly-built movie theaters is weak and the operating efficiency is still significantly higher than the national turning point of the waiting industry

Event: Announcing the annual report, achieving revenue of 140 in 2018.

RMB 880,000 (+6 compared with the same period last year).

49%), net profit attributable to mother 12.

9.5 billion (YOY-14.

58%), net of non-attributed net profit11.

2.9 billion (YOY-8.


Comments: 1. The box office performance across the country is average, and the rapid growth of screen costs has dragged down the performance: revenue of 140 in 18 years.

RMB 880,000 (+6 compared with the same period last year).

49%), gross profit margin 30.

32%, a decrease of 1 from last year.

77 averages; period expense ratio is basically the same as last year; net profit attributable to mothers 12.

9.5 billion (YOY-14.

58%); net profit after deduction to non-mother 11.

2.9 billion (YOY-8.

95%), the essence is: 1) the income is highly correlated with the national box office market, the market performance in 18 years is normal; 2) the cinema screen expands faster, the cost growth rate is faster than the revenue growth rate.

4Q18 achieved net profit attributable to mother 0.

26.5 billion yuan, YOY-89.

46%, mainly due to the rapid growth of the cinema screen in a single quarter, and the poor performance of the box office of the country and the company.

08 million yuan, resulting in higher profit base and other reasons.

2. The theater has expanded rapidly, and the market share has remained stable: 18 years of viewing income of 90%.

680,000 yuan, a year-on-year increase of +8.

81%; gross profit margin 10.

33%, a decrease of 1 from the same period last year.

73 averages, with revenue accounting 杭州夜网论坛 for 64.

37%, an increase from last year.

The total box office of the company in 1995 was 95.

600 million, a year-on-year increase of +8.

9%, domestic box office 79.

800 million, a year-on-year increase of +10.

1%, the box office market accounted for 13 of the implants.

50%, basically the same as last year.

Until the end of 18, it directly operated 595 theaters with 5,279 screens.

There are 541 domestic cinemas, YOY + 16.

85%; 4807 domestic screens, +16 year-on-year.

28%, the screen expansion rate is slightly slower than the country.

In 18 years, the output of single screens in domestic theaters was 1.66 million (an average of 940,000 in the country).

The 19th year of Hollywood, “Reunion 4” and “Detective Pikachu”, “Godzilla 2”, “X-Men: Black Phoenix” and other upcoming blockbuster imported blockbusters will boost the 19Q2 box office.The company has a controversial advantage in the screening of imported films. Until the end of 18, each company had 314 IMAX screens (accounting for nearly 50% of the national IMAX screens).

3. Non-ticketing is weak, and many measures are adopted for fine management: 18 years, non-ticketing income is 50.

2 billion, a year-on-year increase of +2.

55%, non-ticket income accounted for 35.

6%, compared with last year’s average of 1.

4 units.

Facing the fierce market competition environment and the pressure of theater operation, multiple and parallel implementation of refined management: 1) establish a big data center to provide operating decision guidance for each theater; 2) establish a user experience department to improve customer experience and satisfaction; 3) Owned Wanda Movie APP ticketing accounted for over 20%; 4) The theater technology service company has received more than 500 movie studios to expand the company’s business income and effectively reduce equipment procurement and operation and maintenance costs.

4. Profit forecast and investment rating: Regardless of acquisitions, the company is expected to have a net profit of 14 in 2019-2021.



27 trillion, corresponding to 0 EPS.



15 yuan / share, corresponding to PE of 29.




Dingzeng’s acquisition of Wanda Film has been conditionally approved. It is recommended to pay attention to the time of approval and consider the acquisition. The pro forma net profit for 2019-2021 is 23 respectively.



4.7 billion, corresponding to 22/19 / 16X PE.

The company’s film industry chain is complete, and the pan-entertainment platform has begun to take shape, maintaining a “recommended” level.

Risk reminders: performance commitments cannot be achieved, performance changes, core personnel loss, industry regulation, market competition, integration and management, goodwill impairment, box office growth is not up to expectations, theater costs increase, public health fire protection, and estimated center decay risks.


Fosun Pharma (600196): Performance exceeds expectations and innovation brings hope

Fosun Pharma (600196): Performance exceeds expectations and innovation brings hope

Event: The company released its 2018 annual report and achieved operating income of 249.

180,000 yuan, an increase of 34 in ten years.

45%; net profit attributable to mother 27.

08 billion, down 13 a year.

3%; net profit attributable to non-attributed mothers is 20.

9 trillion, down 10 a year.


Revenue increased significantly, but due to research and development investment, substitution of subsidiaries and participating companies, and interest rate growth, the performance fell short of expectations.

With the growth of core product revenue, the contribution of new mergers and acquisitions and the development of medical services business, the company’s 南京桑拿网 operating income has increased significantly. After excluding new mergers and acquisitions in 2017, the revenue still increased by 20%.


Reported first-level pharmaceutical R & D and manufacturing revenue was 18.9 billion yuan, an annual increase of 41.

6%, a significant growth rate; medical services and equipment and diagnostics revenue were 26 and 36 trillion, respectively, with a slight growth rate, an increase of 22.

7% and 13.


Sinopharm Holdings grasped the favorable indicators of medical devices and actively expanded the construction of pharmaceutical distribution and retail networks. The report realized revenue of 344.5 billion yuan, an increase of 11.


Increasing research and development and business layout, increased costs, lower profits of the subsidiary Aohong Pharmaceutical and the impairment of goodwill provision by Brace, etc. At the same time, Fuhong Hanlin’s employee equity incentive plan is reporting.Expenses for the payment of shares in the middle and early stages also have an important impact on the company’s performance growth.

The reported asset disposal income decreased by 108%, which was the beginning of the company’s non-recurring gains and losses.

In addition, due to factors such as Fosun Kate, Intuitive Fosun and other joint ventures still in the early stage of transfer, and the early intervention of the new hospital construction of the United Family Hospital led to improvements in the company’s operations this year.

The monoclonal antibody enters the harvest period. This year, CAR-T is expected to achieve substantial progress, the implementation of the generic drug consistency evaluation will be accelerated, and the innovation incubation platform will continue to operate.

The company is currently in the R & D budget period, and the report estimates that R & D expenses will reach $ 1.5 billion, with an annual increase of 44.

1%, the R & D pipeline is rich in content and enhanced in strength.

1) Innovative drugs: Fuhong Hanlin product rituximab (Hanli Kang) was submitted to the market in the report, which is the first case in China.They are all in Phase III clinical trials. As the first echelon of domestic R & D, the company has built a highly in-depth monoclonal antibody R & D pipeline.

Fosun Kate FKC876 obtained clinical approval in September 2018, and conducted gradual trials to complete in 2019 and become the first CAR-T product listed in China.

The investment in research and development of small molecule innovative drugs is also obvious. Currently, nine products have been approved for clinical trials in mainland China.

2) Generic drugs: Accelerate the implementation of consistency evaluation, and report that a series of 9 products including amlodipine besylate tablets (Shilida) and alfacalcidol tablets (Li Qing) passed the generic drug consistency evaluation for the company’s futureEnjoy the inclusion of the national drug bidding pricing bonus.

3) Innovation incubation platforms: Promote innovation research and development by establishing innovation incubation platforms and other ways. At present, Fosun Leading Intelligence, Fosun Hongchuang, Novelstar and other platforms have successively shipped and operated.

Profit forecast and rating.

Due to lower-than-expected results in 2018, we lowered our profit forecast. At the same time, based on the company’s good endogenous growth and welcoming the harvest period of innovative drugs, the company’s EPS for 2019-2021 is expected to be 1.

18 yuan, 1.

37 yuan, 1.

61 yuan, corresponding to the current expected PE is 24 times, 21 times and 18 times.

The company’s endogenous growth is strong, and the continuous advancement of new product research and development has promoted the company’s estimates and maintained a “buy” rating.

Risk reminder: the progress of drug development may be lower than expected risks, the risk of outsourcing mergers and acquisitions integration or lower than expected risks, or the risk of continuous decline in joint venture performance.


Yangtze River Power (600900): Better water supply to drive power generation growth instead of tax rebate cancellations affecting performance

Yangtze River Power (600900): Better water supply to drive power generation growth instead of tax rebate cancellations affecting performance
Event: The company released its 2018 annual report.Initially achieved total operating income of 512.14 ‰, increasing by 2 every year.13%; realized net profit attributable to mother 226.11 ppm, an increase of 1 per year.57%, in line with Shen Wanwanyuan’s expectations. The company released the 2019 first quarter report.In the first quarter, total operating income was 86.08 million yuan, an increase of 5 every year.62%; net profit attributable to mother was 29.16 ppm, an increase of 2 per year.96%, in line with Shen Wanwanyuan’s expectations. Key points of investment: The rise in water in the second half of 2018 has improved significantly, and the company’s power generation in 2018 and 2019 has grown ten years.The poor water supply in the second quarter of the Yangtze River in 2018 caused the company to replace 0 in the first half of the year.36%. After entering the third quarter, the inflow of the Yangtze River Basin has improved significantly. The water inflow from the Xiluodu Reservoir has gradually increased compared to 17 years.21%, the Three Gorges Reservoir is too abundant 8.44%.In 2018, the company’s annual power generation increased by 2 compared with 2017.18%, driving a simultaneous increase in total operating income.Since the beginning of 2019, the inflow of the Yangtze River Basin has continued to show a positive trend. In the first quarter, the inflow of Xiluodu Reservoir was more abundant than in the same period of 18 years.67%, the Three Gorges Reservoir is too abundant7.85%, driving the company’s power generation to grow by 4 per year.78%. Large hydropower is expected to have its tax refund policy expired, and other incomes will be significantly reduced in advance.The gradual cancellation of the tax refund policy for large hydropower projects since the beginning of 2018 has had a breakthrough impact on the company’s performance.Since the first quarter of 2018, some of the unredeemed tax refund gains of the past year have been confirmed to be about 7.17 trillion, no such income since the second quarter.The company had a minimum of about 22 in 2017.The 900 million tax refund income caused the company’s attributable net profit growth in 2018 to be slower than revenue growth. There is no expected tax refund in the first quarter of 2019, but the financial assets held by the company in 2019Q1 achieved 1.The 1.3 billion fair value gains and losses helped the company increase its net profit growth.96%. Strengthen equity investment and continue to participate in high-quality hydropower assets.The company has continued to increase its equity investment since 2018 and the beginning of 2019. As of March 2019, it has increased its stake in SDIC Power to 9.69% (up 5 pct from the beginning of 2018) and increased its stake in Sichuan Investment Energy to 10% (up 5 from the beginning of 2018).5 pct), increasing its stake in Qianyuan Power to 4.48% (new), increase the holding of Hubei energy property rights to 24.36% (up 1 pct from the beginning of 2018).The company’s investment income from associates and joint ventures in 201814.49 trillion, an increase of 26 over the same period in 2017.77%.In addition to gaining investment income and increasing holdings of SDIC Power, Sichuan Investment Energy is conducive 天津夜网 to the company’s joint operation of the Yangtze River Basin through equity as a tie to improve the efficiency of water energy resources.At present, the construction of Wudongde and Baihetan (a total installed capacity of 26 million kilowatts) affiliated to the Three Gorges Group is progressing steadily. After the two power stations are injected into the company, the company will finally realize unified dispatching in the whole river basin. Actively participated in the power reform, and Chongqing’s local power grid integration achieved substantial progress.The company continued to promote the development of power distribution business and participated in pilot projects of incremental distribution networks in Chongqing, Anhui, Yunnan and other places.In response to Chongqing, the pioneer of power reform, the company has increased its stake in the Three Gorges Water Conservancy to 16.08%, becoming its single major shareholder, and the Three Gorges Group has now become the actual controller of Three Gorges Water Conservancy.Three Gorges Water Conservancy issued a major asset reorganization plan in March 2019. Chongqing’s local power grid “Four Networks Convergence” achieved substantial progress, and it is expected to achieve “long power entry into Chongqing” in the future.With the progress of Chongqing power reform, the company’s power distribution business is worth looking forward to. Profit forecast: Taking into account the water supply situation in the first quarter, the tax rate will be reduced by 3 alternatives and Chuanyun ‘s earnings will be gradually reduced from three times to three. Since 2019, we have raised the company ‘s 2019-2020 net profit attribution to 240.48, 244.09 million yuan (231 before adjustment).16, 235.1.7 billion), plus the net profit forecast for mothers in 2021 is 249.48 ppm, currently corresponding to PE 15, 15, 15 times, maintaining the “Buy” level.